Liverpool and Manchester United hope Wesley Sneijder will take a significant pay cut to realise his ambition of moving to the Premier League in this transfer window.

The Holland international, who has been marginalised at Internazionale after reportedly failing to agree a new contract on reduced terms, has stalled on a €10m (£8m) transfer to Galatasaray as he holds out for an offer from a major Premier League club. The Turkish club have given Sneijder until the weekend to make a decision on his future and, in an attempt to increase interest from England, his representatives have indicated he would take a pay cut to join the likes of United and Liverpool.

Sneijder earns more than £6.5m a year after tax from his contract with Inter, a sum that – with the transfer fee – has limited his options. His basic wage and age, 28, does not fit with Fenway Sports Group's transfer policy at Liverpool but their manager, Brendan Rodgers, would press Sneijder's claims to the club's owners if he were prepared to reduce his demands rather than play in Turkey. Liverpool's weekly wage bill has been reduced by approximately £160,000 this month with the departures of Joe Cole and Nuri Sahin to West Ham United and Borussia Dortmund respectively.

Asked about the prospect of signing Sneijder, the Liverpool manager said on Thursday: "I couldn't see that happening. Daniel [Sturridge] was our main priority so we'll see what else is available."